Russell Investments Group Ltd. Boosts Stake in MGIC Investment Co. (NYSE:MTG)

Russell Investments Group Ltd. boosted its stake in MGIC Investment Co. (NYSE:MTG) by 41.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 318,691 shares of the insurance provider’s stock after buying an additional 92,823 shares during the quarter. Russell Investments Group Ltd.’s holdings in MGIC Investment were worth $6,150,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vest Financial LLC lifted its stake in MGIC Investment by 29.4% in the 4th quarter. Vest Financial LLC now owns 690,877 shares of the insurance provider’s stock valued at $13,327,000 after buying an additional 157,036 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in MGIC Investment by 335.7% in the 4th quarter. Assenagon Asset Management S.A. now owns 103,129 shares of the insurance provider’s stock valued at $1,989,000 after buying an additional 79,457 shares in the last quarter. NewEdge Wealth LLC lifted its stake in MGIC Investment by 8.8% in the 4th quarter. NewEdge Wealth LLC now owns 1,444,931 shares of the insurance provider’s stock valued at $27,873,000 after buying an additional 117,301 shares in the last quarter. Invesco Ltd. lifted its stake in MGIC Investment by 47.3% in the 3rd quarter. Invesco Ltd. now owns 3,174,560 shares of the insurance provider’s stock valued at $52,983,000 after buying an additional 1,019,759 shares in the last quarter. Finally, LSV Asset Management lifted its stake in MGIC Investment by 8.5% in the 3rd quarter. LSV Asset Management now owns 10,427,565 shares of the insurance provider’s stock valued at $174,036,000 after buying an additional 820,182 shares in the last quarter. 95.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MTG shares. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $24.00 price target (up from $23.50) on shares of MGIC Investment in a research note on Thursday, April 4th. Royal Bank of Canada raised their target price on shares of MGIC Investment from $18.00 to $21.00 and gave the stock a “sector perform” rating in a research note on Friday, February 2nd. Finally, Roth Mkm raised their target price on shares of MGIC Investment from $21.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, February 2nd. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $21.08.

MGIC Investment Trading Down 1.4 %

MTG opened at $20.88 on Thursday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.05 and a quick ratio of 1.05. The company’s 50 day simple moving average is $20.67 and its two-hundred day simple moving average is $19.33. MGIC Investment Co. has a 1-year low of $14.51 and a 1-year high of $22.43. The firm has a market capitalization of $5.57 billion, a price-to-earnings ratio of 8.03, a price-to-earnings-growth ratio of 1.67 and a beta of 1.24.

MGIC Investment (NYSE:MTG) last announced its quarterly earnings results on Wednesday, May 1st. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.60 by $0.05. The business had revenue of $294.40 million during the quarter, compared to the consensus estimate of $301.62 million. MGIC Investment had a net margin of 62.85% and a return on equity of 15.00%. The business’s revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.54 EPS. Analysts expect that MGIC Investment Co. will post 2.48 EPS for the current fiscal year.

MGIC Investment Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 21st. Stockholders of record on Thursday, May 9th will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Wednesday, May 8th. This represents a $0.46 dividend on an annualized basis and a dividend yield of 2.20%. MGIC Investment’s dividend payout ratio is currently 17.69%.

MGIC Investment Company Profile

MGIC Investment Corporation, through its subsidiaries, provides private mortgage insurance, other mortgage credit risk management solutions, and ancillary services to lenders and government sponsored entities in the United States, the District of Columbia, Puerto Rico, and Guam. The company offers primary mortgage insurance that provides mortgage default protection on individual loans, as well as covers unpaid loan principal, delinquent interest, and various expenses associated with the default and subsequent foreclosure.